The Lauren Condominium Owners Association

Minutes of the Board of Directors September 3, 1997

President Joe Morris called the meeting to order at 7:10 p.m. in Unit 109. Present were other board members Eileen Collins, John Doolittle, Elizabeth VanderPutten and Waldemar Wajszczuk and Property Manager, Walter Krolman.

Treasurer's Report

Through the end of July, the finances of the Lauren continued to be sound. We closed the month of July with a very healthy capital reserve of $302,193 an increase of approximately $11,000 for the June figure. The Association's Cash on Hand on July 31st was $397,394, up roughly $15,300 from June's level, while the Net Cash Available was $359,909, up about $12,500 from one month ago.

The operating income received by The Lauren in June was as projected. Year-to-date, the operating income received by the Lauren was $5661 more than had been anticipated. Extra income was recorded in all operating income categories except for Within Unit Service, which was just slightly less than expected. As for the major expense categories at the end of July, all categories except Utilities were under budget for the year-to-date. As of July 31, Utilities were over budget by $2,300 a result of the unanticipated increase in water and sewer fees this year. For the year-to-date, Maintenance expenses are $3700 under budget, also under budget are Salaries by $200, Contracted expenses by $900, Professional Services by $4,850, Administrative expenses by $1540, Insurance, etc. by $2850 and Capital Expenditures by $58,300. During July, the only major variance from the budget occurred in the Utilities and Salaries category, where expenses respectively $2800 (electricity) and $1,600 more t han anticipated.

In July, Capital Expenditures were made for the refurbishment of the pool deck furniture, the new foyer camera and additional signage. The total capital expenditures for the month were $4,905.

By the end of July, the new investment plan for the Association's capital reserve funds was in place. The plan consists of six CDs with staggered maturity dates. After two years, all six CDs will be for three-year terms with one coming due every six months. By using CDs with three-year maturities, the Association will be able to reap the benefit of higher interest rates for longer-term investments.--Waldemar Wajszczuk, Treasurer

Committee Reports

Marketing

Chair John Doolittle reported that the second draft of the Lauren brochure will be ready for Board members to review shortly. It was noted that the Lauren Internet Web Site is available to anyone interested in posting information about units for rent or sale.

Plans for the annual Lauren Roof eck party were reviewed. The affair will be Thursday, September 18 from 6:30 to 8:30 p.m. on the roofdeck. (Raindate is Thursday, September 25.)

Cost Containment

Chair Waldemar Wajszczuk reported that changes in the Lauren insurance policy will result in a savings of nearly $500 during the next year.

Security

A memo was distributed to residents listing precautions and procedures that will increase security efforts in the building.

The Board requested that Property Manager, Walter Krolman, investigate methods of providing front desk personnel with an additional telephone line. Having an additional line at the front desk would allow personnel to receive and make calls simultaneously. This ability would be helpful during emergencies. The Board also asked Walter Krolman to determine possible ways to provide electronic communication in the elevator cars so anyone trapped in them can notify desk staff.

It was agreed that the building's policy on opening unit doors should be provided so all residents and owners are fully informed of procedures which staff are instructed to follow.

Lobby Renovation

The committee's report and recommendations will be ready for the Board to review at its next meeting.

Landscaping

Chair Waldemar Wajszczuk reported that committee member Don Bendick has suggested two improvements to the grounds: an underground irrigation system be installed and iron fencing be erected to protect shrubbery and grass.

Review Status and Discussion Items

Hallway Signs

All signs have been installed in the public areas of the building

Front Entrance Canopy

Walter Krolman reported that the contractor and the Lauren reached an agreement about the installation of the canopy which resulted in the cost being reduced by approximately $500.

Staff Awards

Award plaques have been ordered and will be presented to long-term employees.

Airflow/Ventilation

The Board requested that Walter Krolman obtain estimates from engineers to review findings from earlier airflow studies made in the building.

Pool Rules

It was decided that beginning next year, no children under three years old will be allowed in the swimming pool.

Reporting Owner-Investor Ratios to Financial Institutions

Walter Krolman indicated that the ratios given to financial institutions reflect as positively as possible the number of owner-occupied units in the building.

A list of friendly lenders is being compiled and will be made available to anyone who is seeking refinancing information.

Zoning

Joe Morris was curious about a notice that is posted in the neighborhood which indicates that property near the Lauren is slated for a public hearing in October and said he would ask the Board's legal counsel to assess the implications of the changes proposed.. Up for discussion at the hearing is the commercial status of the property vis a vis the Zoning Board's Comprehensive Plan.

Property Manager's Report

Walter Krolman reported that the pool service contractor missed its visit to the building during some weeks this season and we are therefore requesting credit be applied to our account.

Adjournment

The meeting was adjourned at 8:50 p.m. The next meeting was scheduled for Wednesday, October 1 at 7 p.m. in Unit 109. During that meeting, the Board will review capital expense projections for the coming year, an updated reserve study and begin updating the current five-year plan of expenses. It will also receive a "wish list" from the building engineer, Wayne Hall. All residents and owners are invited to attend meetings of the Board of Directors. Executive session followed. Copies of the Minutes of this meeting may be obtained via e-mail by sending Property Manager Walter Krolman a request at WKrolman@aol.com .

Respectfully Submitted,

John Doolittle, Secretary --

John Doolittle 3672 Winfield Lane, NW Wash, DC 20007 Phone/Fax: (202) 333-1479 bakedoo@erols.com